“First home buyers continue to dwindle” in Tasmania: REIT

“First home buyers continue to dwindle” in Tasmania: REIT
Jennifer DukeDecember 7, 2020

Tasmania’s first home buyers are still keeping out of the market, now sitting at just 17% of the market, warns the Real Estate Institute of Tasmania’s president Adrian Kelly.

Kelly said that if the first home owners’ grant is removed in 1 July, then this situation is likely to keep getting worse.

“If the Grant is to be axed, we look forward to seeing what alternative measures are to be introduced by the new Liberal government,” he said.

“Second home buyers still continue to hold over half the property market now accounting for 52% of purchases with a median house price of $325,000.

“Both interstate and overseas buyers were also up slightly to sit at 16 per cent of house sales for the quarter.”

In the March quarter, a house sales decrease of 4.6% was recorded, however an annual 14.9% improvement compared to 2013 has been noted.

Launceston house sales dropped 18.5% over the March quarter, returning to a similar level prior to the uptick in interest. It remains 25.1% above the March quarter 2013.

Hobart house sales also dropped for the quarter, but recorded a 10% uptick over the year, with specific interest in the central suburbs – 18.8% up for the year.

“The median house price for Tasmania remained steady for the quarter to sit at $305,000 totalling an increase for the year thus far of 4.5%,” he said.

Brighton, Clarence, Hobart and Kingborough municipalities saw increases in median house prices and sales for the quarter – along with a number of others with lower than median house prices.

Photo courtesy of Ian Armstrong/Flickr/Creative Commons.

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

Editor's Picks